Meridian Wealth Management LLC Invests $241,000 in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Meridian Wealth Management LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, Holdings Channel.com reports. The fund acquired 1,211 shares of the transportation company’s stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ODFL. Bank of New York Mellon Corp boosted its holdings in Old Dominion Freight Line by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after purchasing an additional 270,538 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 7.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,203,666 shares of the transportation company’s stock valued at $239,096,000 after buying an additional 78,587 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Old Dominion Freight Line by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,033,160 shares of the transportation company’s stock valued at $182,444,000 after acquiring an additional 86,427 shares during the last quarter. Clearbridge Investments LLC grew its position in Old Dominion Freight Line by 39.1% in the second quarter. Clearbridge Investments LLC now owns 698,154 shares of the transportation company’s stock worth $123,294,000 after acquiring an additional 196,350 shares during the period. Finally, Bridges Investment Management Inc. increased its stake in Old Dominion Freight Line by 12.9% during the third quarter. Bridges Investment Management Inc. now owns 694,620 shares of the transportation company’s stock worth $137,979,000 after acquiring an additional 79,348 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on ODFL. The Goldman Sachs Group decreased their price target on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Citigroup increased their target price on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. Stephens restated an “overweight” rating and issued a $214.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, September 5th. Argus cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $200.00.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $225.11 on Tuesday. The company has a 50-day simple moving average of $204.50 and a 200-day simple moving average of $192.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $48.06 billion, a PE ratio of 39.35, a price-to-earnings-growth ratio of 4.61 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the company earned $1.54 EPS. Old Dominion Freight Line’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.46%. Old Dominion Freight Line’s payout ratio is currently 18.18%.

Insider Buying and Selling

In other news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. This represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,000 shares of company stock worth $4,028,510. 9.90% of the stock is owned by company insiders.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.